Telefónica shareholders agree to TEM takeover

22 Jun 2006

Shareholders of Spain’s Telefónica yesterday approved the company’s plans to acquire the minority shares in its wireless subsidiary Telefónica Móviles (TEM) with the aim of merging with the unit through a four-for-five share swap. Telefónica owns 92.46% of TEM, with the remaining 7.54% held by minority shareholders.

Spain, Telefonica, Telefonica Moviles Group